In our view, the peaceful presidential elections in November 2015 have ushered in a period of relative domestic political stability in Burkina Faso. However, the ratings remain constrained by low per capita income and limited monetary flexibility. We are affirming our 'B-/B' sovereign credit ratings on Burkina Faso. The positive outlook reflects our view that we could raise the ratings over the next six months if continued political stability provides more broad-based economic growth and leads us to improve our projections for external and fiscal metrics. On Nov. 25, 2016, S&P Global Ratings affirmed its 'B-/B' long- and short-term foreign and local currency sovereign credit ratings on Burkina Faso. The outlook remains positive. The presidential elections in November 2015 put
